How is Artificial Intelligence being used in Fintech?

You might have talked to a chatbot about opening a savings account. You might have got a call from your bank to check your credit card activity. These are examples of how artificial intelligence (AI) is changing the finance and banking industries. AI can help businesses save money, work faster, and serve customers better. Business Insider says that AI could save banks and financial organizations $447 billion by 2023. Most banks (80%) see the benefits of AI, but they need to act fast because of COVID-19. The pandemic has made more people use digital services and expect quick responses. Mani Nagasundaram, a senior vice president at HCL Technologies, says that AI can help businesses free up staff, increase security, and stay ahead of the competition. But should we use AI in Fintech? What are the pros and cons? How can we solve the problems? AI is not perfect. It has its own challenges and risks. But with some effective solutions, we can overcome some of the AI problems.

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This is a part of my research regarding how people use artificial intelligence in Fintech field.

The full version is AI In Fintech by Taing Menghai